UK climate study to accelerate green finance in Pakistan

Mon, 20 Nov 2023, 9:41 PM

ISLAMABAD, Nov 20 (APP): British High Commissioner, Jane Marriott CMG OBE launched a landmark study to identify and prioritise critical initiatives to mobilise private sector climate financing in Pakistan.

The study’s climate finance analysis includes several ‘roadmaps to action’ to support the Government of Pakistan’s ambitions for climate mitigation, adaptation and resilience. The study will help to inform the next generation of UK support to deliver the country’s climate investment ambition.

The event was held on Monday on ‘Accelerating Green and Climate Resilient Financing in Pakistan’, was co-chaired with Federal Minister for Climate Change Ahmed Irfan Aslam. The study, implemented through the Boston Consulting Group (BCG), is part of the UK Government’s ‘Centres of Expertise’ initiative by the Growth Gateway Programme, said a news release.

The High Commissioner announced three new UK-supported initiatives, a new partnership with Government of Pakistan to quantify the cost of inaction under the Growth Gateway programme–an important step for Pakistan to develop a robust adaptation and resilience financing strategy.

FCDO’s REMIT programme will support the Government of Pakistan with streamlining institutional governance for climate finance. REMIT will also support the development of a national green taxonomy to classify climate investments, through a partnership between the World Bank Group and the State Bank of Pakistan.

Jane Marriott said, “There is no bigger global challenge than tacking climate change, which Pakistan is suffering the impacts of more than most countries. This new UK-supported analysis is part of our wider climate finance and governance support in Pakistan. By identifying and prioritising the most critical climate finance initiatives, we are laying the foundations for climate finance mobilisation at scale into some of the most important low-carbon and adaptation projects in Pakistan.”

“Today’s discussion amongst government, private sector and development finance leaders is an important step for harnessing the potential of the private sector to help Pakistan mitigate, and respond to future climate shocks.”

Minister for Climate Change and Environmental Coordination Ahmad Irfan Aslam said, “The UK government study which has been launched today fills a critical knowledge gap. It identifies which initiatives are required for Pakistan to mobilise more and better climate finance, especially by the private sector. The Government of Pakistan looks forward to collaborating on new areas of support announced by the UK today to take forward several of the key initiatives identified – putting this report into immediate action.”

Charmian Caines, Senior Partner at Boston Consulting Group (BCG) said, “We at the Growth Gateway Programme have been delighted to support UK and Pakistan in their partnership to bridge Pakistan’s climate financing gaps as it addresses its pressing vulnerability to extreme climate shocks. Our collaboration has identified key enablers to unlock bankable opportunities, priority adaptation and resilience (A&R) projects as well as initiatives to share the pressure of disaster risk financing on government budgets with the private sector.”

CEO of Adam Smith International (ASI) Jalpa Patel said, “Climate finance and green investments are critical for Pakistan’s future. Adam Smith International is excited to help deliver on the UK’s climate commitments by providing vital technical support on climate financing to the Government of Pakistan through the FCDO-funded REMIT programme to help the government design policy, regulation, and financial instruments for capital markets to catalyse international climate finance.”

In attendance was the Finance Minister, Dr Shamshad Akhtar, Senator Sherry Rehman, Special Assistant to the Prime Minister on Government Effectiveness / Deputy Chairman Planning Commission, Jehanzeb Khan, and other leading climate finance experts.

A recent study by the World Bank assessed it will take $348 billion to adapt to climate challenges, and transition to a low carbon economy. Current financing in Pakistan is insufficient with limited private sector participation and the allocation of funds disproportionately towards mitigation rather than adaptation and resilience.

The report highlighted that an important and necessary step is to calculate the ‘cost of inaction’ on Adaptation and Resilience (A&R) priorities and the impact that this would have on the lives of ordinary Pakistanis, the natural environment and the economy. A&R projects are often seen as ‘unbankable’, and so it is important to consider the return on investment differently. Once that ‘cost of inaction’ gap becomes clear, the return on financing A&R projects becomes visible.

The UK plans to support the study’s roadmap to quantity the ‘cost of inaction’ through the Growth Gateway programme, alongside providing wider support to climate governance and mobilisation through our UK toolkit – including to develop a green taxonomy through the UK’s REMIT programme (Revenue Mobilisation, Investment and Trade Programme).

Fog/smog to engulf Punjab, KP plain areas: PMD

Zaka Ullah Ch

Mon, 20 Nov 2023, 9:32 PM

ISLAMABAD, Nov 20 (APP): Fog/smog is likely to engulf plain areas of Punjab and Khyber Pakhtunkhwa in the morning hours during the next 24 hours, as per Pakistan Meteorological Department (PMD)’s forecast.

Mainly dry weather is expected in most parts of the country while cold weather conditions will prevail in the upper parts.

According to the synoptic situation, continental air was prevailing over most parts of the country.

During the last 24 hours, dry weather prevailed over most parts of the country and cold in northern parts.

The lowest temperatures recorded were Leh, Skardu -04 C, Gupis, Kalam and Srinagar -01 C.

Book “Development Pathways: India-Pakistan-Bangladesh (1947-2022)” launched

Zaka Ullah Ch

Mon, 20 Nov 2023, 9:28 PM

ISLAMABAD, Nov 20 (APP): The Centre for Strategic Perspectives and India Study Centre at the Institute of Strategic Studies Islamabad (ISSI) organized an event to launch a book, titled “Development Pathways: India-Pakistan-Bangladesh (1947-2022)” authored by Dr. Ishrat Husain here on Monday.

Adviser to the Prime Minister on Finance, Dr. Waqar Masood Khan, was the chief guest on the occasion. The event was attended by eminent members of foreign and civil services, academia, civil society, media, and the diplomatic corps, a news release said.

Dr Waqar Masood Khan lauded the author and co-authors for their contribution to addressing the knowledge gap in this field. In particular, he applauded Dr. Ishrat’s devotion and motivation for the subject. The book’s choice of subjects and focus was also underscored by Dr. Khan, who believed that it would substantially assist experts and practitioners.

Dr Waqar Masood added that the book rightly addressed the convergences and divergences between the three economies, as he termed the 1990s as the turning point for the three economies. He explained that this shift was due to globalization, liberalization, and the end of the Cold War.

He highlighted some of the challenges faced by Pakistan and India, such as administrative matters, infrastructure, small industry, and investment.

Dr. Khan addressed the regulatory bodies in all three countries and positively evaluated their functioning. He believed that South Asia had moved past the traditional approach towards economic development and become somewhat predictable.

Dr. Khan recommended building up reserves, which he felt served as the critical component of any economy.

DG ISSI Ambassador Sohail Mahmood, in his welcome remarks, introducing the author and book, he highlighted Dr. Ishrat’s six decades of distinguished public service and contributions to economic and institutional reforms – including a consistent emphasis on political stability and policy continuity for sustainable long-term development.

Ambassador Sohail Mahmood also lauded the author’s direct and accessible writing style, making complex economic issues and policy debates more understandable to readers across a broad spectrum. He noted that given the rich data sets of the three countries contained in the book, it could serve as a solid foundation for further studies on the economic trajectories of India, Pakistan and Bangladesh.

The most valuable aspect of the book, according to him, was the chapter dealing with risk factors and “pain points” for the future. He also pointed out that the book made it clear that sound economic management alone did not produce the desired effect and that investing in social and human development was imperative, which would also enhance the dividends manifolds. In conclusion, he described the book as a valuable contribution to the existing literature and a source of thought-provoking ideas on a range of subjects.

Ambassador Nadeem Riyaz, President of the Institute of Regional Studies (IRS) praised the author for his sound academic work and gave a detailed account of the major subjects covered in the book. These included macroeconomics, balance of payments, remittances, human development, social protection, service deliveries, poverty reduction, digitalisation, labour market, and applications of emerging technologies.

He particularly focused on the Book’s extensive conclusions and recommended that Pakistan should concentrate on addressing the instability and unpredictability in the economic realm.

He highlighted that all three countries had heavy regulations and administrations, problems with start-ups, and issues of taxation that continue to restrict small and medium enterprises.

He commended the author for the valuable effort to sum up the long period of 75 years.

Dr. Idrees Khawaja appreciated the author’s efforts in writing this timely book. He also praised the author for including young co-authors. He gave a summary of the book, explaining that it compared the economic performances of three countries with similar histories and backgrounds. He lauded the author for analyzing the factors behind the divergent economic growth trajectories of these countries.

Dr. Khawaja also shared his own analysis of the book and asked thought-provoking questions about the various themes taken up in the comparative analysis. He also recommended studying the different patterns of foreign assistance for Pakistan that appeared in the 1960s, 1980s and 2000s. In his opinion, the primary reason for the slowed development of Pakistan was due to the practice of ‘rent-seeking’ and corruption.

Dr. Ishrat Husain shared how the book evolved, as the subject was considered essential for understanding the present and projecting the future. The book discussed about the changing times for Pakistan, India, and Bangladesh. He noted that Pakistan was once considered a role model for developing countries, while Bangladesh was referred to as a ‘basket case’ and India was struggling with poverty, illiteracy, and other social issues. However, the situation had now significantly changed and India and Bangladesh fared relatively better, while Pakistan was facing challenges.

Dr. Ishrat also dilated on the challenges he faced in finding comparable data from all three countries spanning from 1947 to 2022. He highlighted the “five shocks” that affected Pakistan’s economy — from refugee influx in 1947 to war in Afghanistan; and identified “8 critical success factors”, including the forms of government, the role of women, and urbanization, among others.

He also discussed the “Risks and Pain Points” for the next 25 years for the three countries – including addressing climate change; enhancing intra-regional trade; ensuring inclusive growth and reducing inequality; managing urbanization; and tackling institutional decline.

Dr Ishrat concluded by emphasizing the need for improving governance structures to ensure sustained and inclusive economic growth and development.

The engaging session was followed by a lively Q&A session. In the end, Ambassador Khalid Mahmood, Chairman of BoG ISSI, presented a vote of thanks expressing gratitude to the speakers for their insightful inputs on the Book.

Chairman Senate discusses collaborative initiatives with humanitarian organizations for betterment of Pakistan

Zaka Ullah Ch

Mon, 20 Nov 2023, 9:18 PM

ISLAMABAD, Nov 20 (APP): A delegation from the Pakistan Humanitarian Forum (PHF) held a meeting with Chairman Senate Muhammad Sadiq Sanjrani at the Parliament House to discuss various critical issues concerning the underprivileged regions of Pakistan.

The meeting focused on addressing challenges in Khyber Pakhtunkhwa, Balochistan, and remote areas of Punjab and Sindh.

The delegation comprising PHF Country Director Asif Shirazi, IRC Committee’s Country Director Shabnam Baloch, and other key representatives, it engaged in talks regarding the enhancement of public welfare in Chagai, Balochistan, and expedited rehabilitation efforts for flood-affected communities in remote areas of Balochistan.

Recognizing the indispensable contributions of PHF and associated organizations, the Chairman Senate emphasized the urgent need for collaborative efforts to tackle pressing issues encompassing health, education, poverty, climate change, and natural disasters.

Expressing the Senate’s unwavering commitment to support initiatives aimed at uplifting the marginalized segments of society, Sadiq Sanjrani hailed the invaluable role of these organizations in serving humanity with dedication.

Moreover, the meeting witnessed discussions on legislation proposals facilitating an enabling environment for local and international NGOs, fostering greater cooperation in the education and healthcare sectors.

Later, a delegation from Quaid-i-Azam Trust UK, led by its Chairman Raja Ishtiaq also held a separate meeting with the Chairman Senate and underscored the pivotal role of overseas Pakistanis as significant assets to the nation’s growth and encouraged their active participation in the investment landscape, particularly in Gwadar, emphasizing the area’s emergence as a burgeoning economic centre.

With a collective vision for a more prosperous Pakistan, the discussions concluded on a promising note, highlighting the importance of continued collaboration between the government and humanitarian organizations for the holistic development of the country.